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The Answers To Your Questions About Guaranteed Payday Loans

Despite the growing popularity of guaranteed payday loans, there are still some people who do not really know the essence and the limitations these bring. They are indeed greatly helpful in these times of financial instability, considering how the prices of basic necessities are growing like there is no tomorrow.

What most people know about loans is that they usually come around with a lot of requirements that have to be strictly followed and qualifications that are specifically enforced. Because of this, people end up having second thoughts about getting a loan even when they need it so. This does not have to be the case with guaranteed payday loans.

Generally, guaranteed payday loans are like the typical loans. They are simply on a short-term basis, which have to be completely paid off in two to four weeks time. As the term itself implies, these loans are sure to go even if the borrower has an unpleasant credit history. This is because one's credit scores are not taken into consideration in guaranteed payday loans.

In addition to all that, guaranteed payday loans mean faster relief from financial problems. The entire application process is shorter, and one gets to have the money right there and then. If not, the money would be available within the next 24 hours at the most. All it takes is a postdated check or an authorization to withdraw money from the bank on loan payment's due date.

Unlike the traditional loans, there is not a lot of requirements for anyone who is interested in getting guaranteed payday loans. Since there is no need to check on the borrower's past credit scores, no documents are really necessary except for the proof of one's ability to pay the present loan to be taken out. This makes guaranteed payday loans complete hassle-free.

At the cost of such leniency though, guaranteed payday loans come with high interest rates. These are higher than the usual loans have, making them really a pain in the pocket to pay. Thus, it is best to go with this type of loans only when the need for fast cash is at its greatest.

Although there is no need for a lot of documents, there are still certain requirements one has to comply in order to avail of guaranteed payday loans. For one, the borrower should be 18 years or older, is working for the same employer for the past three months and earns $1,000 monthly at the least. It is also necessary to have a checking account in a trusted bank.

It is most recommended to go with guaranteed payday loans only when it is most needed. This is due to how high the interest rates are for this kind of loans. Usually, one has to pay anywhere between $15 and $30 for a two to four week interest for a loan amounting to $100. The larger the borrowed amount, the bigger the interest one ends up paying.

To wrap it all up, guaranteed payday loans should only be taken into consideration when no other options are available. After all, no one wants to end up in a greater financial bind than there already is. It is exactly where one might be if payment of said type of loan is in default for a month or two.